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$300 - $2,000
Minimum 3 Months - Maximum 12 Months
20% upfront establishment fee + 4% monthly fee
In APR terms, the maximum annual percentage rate on these SACC loans between $300 and $2000 is 199.43%
Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.
Dislaimer: Under the current legislation, most small personal loan providers don’t charge an annual interest rate% (you’ll know this as an APR). The maximum you will be charged is a flat 20% establishment fee and a flat 4% monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%
$2,001 - $5,000
Minimum 13 months - Maximum 24 months
Maximum 48% annual percentage rate (APR)
67.41% comparison rate p.a.
Based on a Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.
$5,001 - $15,000
Minimum 13 months - Maximum 72 months
Minimum 5.75% - Maxmimum 48% annual percentage rate (APR)
6.47% - 48% comparison rate p.a.
Based on Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.
Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.
Short-term loans are loans with a principal ranging between $200 – $2000, with repayment terms between 16 days and 12 months. Repayment typically involves a direct debit from a borrower’s bank account, or a deduction from their pay. Lenders who offer short-term loans are required by law to display a warning that provides other borrowing options than a short-term loan.
Consumers facing a cash shortfall between paydays may consider taking out a short-term loan, as they provide relatively fast access to cash. This might be done if the borrower doesn’t have a credit card or overdraft facilities, or any other fast access to funds. Short-term loans are a relatively expensive solution, however, so the decision to take out a short-term loan should include close assessment of all fees, charges, and interest costs involved.
The majority of short-term loans available in the market can be applied for online. There are still a number of store-front lenders throughout Australia where consumers can apply in person. The application process tends to vary depending on the lender, although most lenders online provide similar functionality to select the loan amounts and repayment terms. Lenders may also ask applicants to input their credit rating which may affect the amount of interest applied to the loan. Applicants will need to provide the following information:
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
The Australian Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
